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Stockholder's Equity
 6 Months Ended
Jul. 30, 2022
Stockholder's Equity  
Stockholder's Equity

(9) Stockholder’s Equity

Earnings per Share

Basic earnings per share is calculated by dividing net income by the weighted-average number of shares of common stock outstanding, reduced by the number of shares repurchased and held in treasury, during the period. Diluted earnings per share represents basic earnings per share adjusted to include the potentially dilutive effect of outstanding share option awards, nonvested share awards and nonvested share unit awards.

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The following table sets forth the computation of basic and diluted earnings per common share:

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Thirteen Weeks Ended

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Twenty-Six Weeks Ended

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July 30,

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July 31,

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July 30,

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July 31,

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2022

    

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2021

    

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2022

    

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2021

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Net income

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$

14,614

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$

17,723

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$

16,612

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$

28,173

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Weighted-average shares of common stock outstanding:

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Basic

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41,962

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​

43,860

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​

42,950

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​

43,775

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Dilutive effect of common stock equivalents

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​

232

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856

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​

230

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​

825

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Diluted

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42,194

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44,716

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​

43,180

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​

44,600

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Basic earnings per share

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$

0.35

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$

0.40

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$

0.39

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$

0.64

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Diluted earnings per share

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$

0.35

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$

0.40

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$

0.38

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$

0.63

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Restricted stock units considered anti-dilutive and excluded in the calculation

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166

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2

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150

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5

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Treasury Stock

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On March 24, 2022 the Company announced that its Board of Directors authorized a share repurchase program (the “Repurchase Program”) to allow for the repurchase of up to $75.0 million outstanding shares of the Company’s common stock, $.01 par value per share commencing on March 31, 2022 (the “Commencement Date”). The Repurchase Program will terminate on the first anniversary of the Commencement Date. During the 13 weeks ended July 30, 2022 the Company repurchased approximately 5.3 million shares of its common stock for $52.1 million, utilizing cash on hand.